tv Making Money With Charles Payne FOX Business June 27, 2016 6:00pm-7:01pm EDT
vera givens, a personal finance expertsr expert. thank you for joining us on risk and reward. making money with charles payne starts right now. charles: the market getting slammed for the second straight session. there are glimmers of hope. the supreme court dealing a blow to texas rejecting that state's abortion law. elizabeth warren joining hillary clinton on the campaign trail. she got right into business with an unrelenting assault on donald trump. donald trump still riding high after getting the british brexit vote right. the european union having a global impact.
prime minister david cameron says he'snot happy results, but he says the results have to be respected. >> we'll see adjustments in you are economy, complex constitutional issues and challenging negotiations to be undertaken with europe. but cabinet agrees the if vote must be received and the process of implementing the decision must now begin. charles: countries like france and italy thinking or at least making hints they want to do the same thing. then as hillary clinton and donald trump hoping to use the british exit to their own advantage. joining me now, brian catell and adrian cohen. donald trump before the vote
said it was up to the british people. hillary clinton echoing the sentiment of barack obama wanting them to stay. >> truck was spot on. president obama and hillary clinton got it wrong. i think it's good that david cameron did the right thing by respecting the will of the people. there are lessons to be learned there. i wish mitt romney would have had the same response when donald trump became the presumptive nominee. i feel a similarity between what is happening in britain and the trump phenomenon. the british people want to take their country back. they want to have the power to make their own decisions, economic decisions, immigration, controlling their borders and taking the power out of brussels from the european union and bringing it back to the people
and downing street where it belongs. those are similar themes that we are seeing with donald trump. charles: the on thing i saw mainly in the mainstream media over the weekend were some complaints donald trump said the free-falling pound sterling would be good for his business. some taking that out of context saying here is a guy who doesn't care what kinds of economic damage is being done, once again looking at his own pocket. ight think donald trump was in time for the right reasons. it's easy for americans to pull the lever r for donald trump whn they see a practical-minded country like britain. when i see politicians use buzz words that tells me they don't understand the implications of what's coming down the pipe.
charles: she was grappling with the idea she was on ought wrong side of this decision and trying to find a way to put it out there. >> for the domestic level and globally, this boils down to consent which is a critical principle in any democracy. all around the world in britain and the u.s., for the elites to govern there will be has to be consents of the people that are governed. that's fundamentally broken down with the eu. the eu has not delivered people in britain posterityr pair it or europe prosperity tore security. hillary clinton should heed the warning call. charles: to what degree do you say this vote was immigration. to what degree was it
sovereignty or other factors? there were a whole litany of things, whether it was feminism, internet, liberalism. was there one thing that another out in your mind? >> i think immigration played a huge role, but not the on role it was sovereignty. people in britain felt over time they had less and less control over their affairs. there was no line of accountability to the people that made laws for them in brussels. and it was a sense of sheer frustration. >> we are talking about the -- it boils down to taken anti-establishment vote here. adriana pointing out mitt romney and others within the republican party love to get on the trump train. are they missing -- this is not about one particular party. but an overarching theme that big government is too much.
and people in america feel the same as people in great britain. >> no question, charles, that that is exactly what we are seeing. 71.8% turned out in the election. it was a clear voice of majority. they gave us a permission slip to say when government isn't working, when things aren't right, we can do something about it. the final thing is, this should be a great concern to hillary clinton. the polls are all showing about a week out that this is going to go 4 to 5 point in favor of retaining their membership in the eu. it was about an 8-10 point shift in a week. here is the warning sign. there is a hidden vote in that election from people who are frustrated and weren't publicly ready yet to disclose that. the same thing i call the rizzo factor.
there is a huge hidden vote in america that are feeling just as frustrated as the people in england did and they are ready to exercise that vote. charles: before the murder of jo cox it was clear the leaves had the momentum. there was a different poll in march of 2013. 73% said the country was not governed by the will of the people. i have got to tell you, if you paid attention, it's been clear that the sentiment has been there this whole time bubbling up like a volcano. >> you are absolutely right. there was a massive fear prong, if you will coming down trying to scare people into submission, saying you can't vote for brexit because all these horrible things are going to happen.
it will turn out just fine. it's a political upheaval and the markets will be volatile for a while. but the ship will steady. open borders in an able of isis when they are actively pursuing nuclear capability is so frightening. after the isis attack in brussels, isis announced they are dispatching 600 trained jihadists to go all through europe including the uk for a wave of bloodshed. we have to control who is coming into our country to keep it safe. 9/11 cost the united states over $3 trillion. charles: i caution conservatives from focusing only on middle eastern migrants or immigrants. the eu expand their membership. estonia, latvia.
that opened the floodgates of cheap labor. it wasn't middle eastern immigrants taking their jobs and working for less. if that's the kind of thing that can be articulated in this country we could get away from some of the craziness and talk about this as a smart economic argument. >> i think that's words of wisdom for donald trump. when it comes to unchecked immigration, sovereignty, control your borders and looking after the middle class. we have to look at all groups of people. when we are talking about sovereignty. globalization, trade, we need to talk about protecting americans and make sure we look after security threats, regardless of where they come from, and we look after workers in america and how we can make their lives better because that's the job of the next president of the united states. >> thanks a lot.
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donald trump is going to give a speech tomorrow in pennsylvania where he says as president he will declare china a currency manipulator and take the case to the world trade organization. it's all about world trade, global trade, globalism. we know we need to trade with the rest of the world. it's just how do we do it and not get the end of the -- the shortened of the stick. >> the chinese economy is 13% of the global economy. it's been the main engine of growth. and you are starting to see that slowly deteriorate. so when it comes to the currency side, it will put pressure on the financial system. from a political perspective, it works for the voters.
it could be a tidal wave that could hit the markets. >> your expectations are we'll see some substantial weakness to the yuan and it will apply pressure to the global growth expectations. charles: there was a period when china was a really strong currency manipulator. they spenta billions of dollars keeping their currentsr currency up because the rich billionaires were taking their money out. >> the big question mark for people and the reason this troubles people on wall street. we don't know what donald trump
is going to do about it. if you can declare china a currency manipulator, that is a trade war. charles: he has done it with solar panels and he put hefty penalties of 500% on solar panels. >> you cannot predict trump will act the way president obama has acted. a 50% tax on chinese imports could plunge the united states into a recession. charles: i'm not for a 45% tariff, but i am for getting better deals. you have got to trade with the rest of the world. we are not going to erect a wall and just trade with ourselves. but we can get better ins on some of these trade deals. >> but that's what wins
elections as we have seen in the brexit vote. and we are about to see it in the general. if donald trump wins off proclamations like he's going to make tomorrow. it shows he's fighting for a population of people who feel disenfranchised. if you want to compare it to the brexit vote, the people felt david cameron didn't fight for them. charles: they are going to say the vote is xenophobic, racist and side and wrong-headed. >> it couldn't be further from the truth. what we have had for months is what we call project fear. a relentless drive of propaganda driving into people's heads. britain will fall apart if they vote to leave the european union. and anyone who contemplates leaving is a racist tore xenophobe.
there are stunts in brexit with britain's former allies. and lots of untapped potential pore improving trade there. and more widely, the wider english speaking world, what we call the commonwealth. there are huge opportunities to trade far more with those countries, many of which are better than the eu. charles: i think england will do more trading, not less trading. elizabeth warren hitting the campaign trail with hillary. boy, did she hit harsh words. we'll tell you about the donald next. if a denture were to be
charles: hillary clinton and elizabeth warren teamght up at a campaign event and they wasted no time going after donald trump. >> donald trump said we'll make america great again. >> i do just love to see how she gets under donald trump's thin skin. charles: the trump campaign respond in a statement saying senator elizabeth warren has become a turncoat for the cause she supposedly supports. hillary and elizabeth warren had a pretty good day? cincinnati. they brought down the house. that was sort of the fire missing from the hillary clinton camp. i don't think this any way she can recreate that.
is that her potential vp, do you think? >> i think elizabeth warren would like to be that potential vp. i have got to tell you. i watched some of that today. i was working at my desk. i looked up and thought really? the issues in this country with national security, jobs, economic security, and the two of them standing there making fun of trump's hat? i think people want to hear solutions. they want to hear what is going to pertain to them. how do we make our community safe. how do we get our economy back on track. wage stagnation is killing people. i talked to people every day who have not had a raise in 10 years. one of my constituents said i'm think of people in d.c. living high on the hog and i'm out here sweating like a pig. people are sick and tired of
work so hard and the governmentt taking more of their money. and they don't want the silliness and pettiness elizabeth warren and hillary clinton were dirk out today. charles: for someone to even work 10 continuous years is a blessing in this economy. one of the things particularly here on wall street was that british brexit vote. 73% of the people in the uk said they felt their government no longer represented quote the will of the people. doesn't that sounds familiar? >> it's very familiar. i hear it every single day. i read emails coming into my office. people want their country back. and they want their country back on the right track and firmly standing on the principles and the freedoms that have meade this country great. they know that we as americans can do this again.
but we have to recenter ourselves and refocus ourselves. they want their children and grandchildren to have the american dream. they know that it is attainable, but they are so frustrated with working two and three jobs and trying to keep up in the wage stagnation. i talk to people who say my employer is trying the best he can and we are all working to keep the doors open. but trade has worked against them. all these regulations are working against them. the epa, osha, the irs, all of these acronym agencies make it harder and harder to do business. on top of that you pile obama care and the cost of insurance goes through the roof. charles: it's a shame how much of an impediment our own government has been to our prosperity. coming up, the latest national election polls show hillary clinton with a lead over donald trump.
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to the knicks, they are virtually tied. "the washington post" poll, registered voters. so there are more democrats than republicans in that poll. how can donald trump regain the momentum as he heads into the republican convention. i know donald trump has a lot of issues with "the washington post" poll. but i think it's been the last 7 or 8 polls, including the majority of them that have him under 40% that he should be paying attention to. >> absolutely. ronald reagan used to say status quo is latin for the mess we are in. trump has to make this about change. hillary is trying to run on a third term for obama. that means she is the status question candidate.
he has to say i'm a disrupter. i actually think it's a jump ball and it will turn on his discipline and ability to get his vote out. that means he has to raise money and build an infrastructure by coalescing with the republican national committee and the 50-state republican party. there is no way he can build it from the ground up. charles: kim talked about the thus am of getting the vote out. in that same poll people say they are voting for donald trump. and other saying they are definitely voting for hillary. who will actually go out and vote. because everything else is noise. >> the enthusiasm will be against trump because trump has divide our country on racial things he said -- charles: you think people will get up to vote against someone or vote for someone.
>> a lot of people are going to vote for hillary and they are going to vote against trump. the most amazing thing about this, i'm enjoying trump saying these polls are inaccurate. he talked about polls for the last 8 months. all of a sudden oh, my gosh, the polls are wrong. he knows his popularity is going down. this is a one-on-one race and he's in trouble and i'm enjoying every second. charles: i will say this much. it's still a long way to go and we know these things will shift a lot. but it's worth talking about. there are under currents that probably if you are in a campaign you should pay attention to. in the nbc "wall street journal" poll he has 3% of independents as opposed to 30% for hillary. >> "the washington post" poll
where hillary clinton was leading were pre-brexit. post-brexit we'll see his numbers climb because he made changes in his organization. he had a great week and president obama and clinton have had a bad week. there are two other polls we need to look at. the latest bloomberg poll shows donald trump is leading hillary clinton internationally. more people want donald trump managing their portfolio. there is a gallup poll that has trump leading hillary clinton significantly on who would be better to manage the economy. he's leading clinton by 17 points. charles: he lead on the economy inner poll. but the battleground state are tied. for both side it's clear what their mission has to be going into november. >> i agree with you.
a few weeks ago i told you gary johnson and jill stein would benefit donald trump. a lot of people know hillary clinton is a self-dealing con artist. he need to make people comfortable with the idea of a donald trump presidency. one thing you see over and over is people are anxious and i think it's smart to make that trade speech tomorrow. >> he said check out my beautiful golf course when people asked about brexit. charles: we'll see what happens. we did hear after the jobs number that the polls would get better and after orlando they would get better. donald trump has to take these things and hit the road like there is no tomorrow. the market got slammed after a second straight session.
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the market was in a free-fall. it began in december. the feds made the first rate hike. we saw the proverbial snowball. equity indices are down. 10 sessions later the deun s & p up 7%. the nazdaq up 9%. is this another february 11-like turn? more compelling, gold giving up almost all of its gains. treasury yields still haven't lower. but there are signs we could be oversold and maybe it bounce happens tomorrow. are you buying? have you been buying the last couple sessions? >> quite lightly, i would say.
i wouldn't be surprised to see an additional 4% to 8% down side risk. that's based on global growth deceleration as well as earnings being so stuck in the mud. >> is this growth celebration with respect to the british exit vote? >> it's a combination. it started in china with the he mening markets. and we expect an additional he sell racial. -- additional deceleration. we are not going to see a bounce in 2017. charles: a double-digit decline. do we start to get into some serious or just something more subtle than that is what you are looking for? >> this will be a continuation of evaluation deter yaition. we are not -- deterioration. we are not expecting a 3%
downside risk. we are look at multiples 17 times forward looking with very little earnings and revenue growth. you want to be more pragmatic and cautious. charles: but the p.e. and multiples are higher than that when the markets fall apart. >> but you haven't seen earnings actually fall yet. that's the big difference. when that happens you see a decline in earnings of 20-30%. that i believe is the next leg to drop. but we are not expecting a terrible decline within the overall market. charles: i have had more people in the market, individual investors saying they want to buy more than ever before. or does it mean people have learned lessons from the past? >> you need to wait a little longer. perhaps you get that 8%
sell-off. if you are a long-term investor, our expectation is for a positive return of 5% to% the next five to seven years. charles: do you bite cloroxs of the world? >> the u.s. dollar denominated, we have gold in the portfolio and stay with a steady eddies. charles: a supreme court ruling against texas rejecting that state's abortion law calling it an undue burden, saying it created an unacceptable obstacles to abortion access. there were other supreme court decisions as well. we'll hash them out. stick around. ♪
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go long™. ♪ charles: abortion rights activists enjoyed a victory as the supreme court struck down a texas law regarding abortion clinics. it could continue regardless of the seattle outcome in november. texas attorney general kim paxton joins me to discuss. you had a great week last week. but not starting off this week really well. i have got to tell with you this particular case, progressives love to overregulate. they want to regulate lemonade stands. they founded the idea of bert
fat silt for women having abortions, being closer to hospitals with doctors having relationships. they found that to be onerous and the supreme court agreed. >> i was in the texas legislature when we passed this. our sole goal was to protect women their health and safety. i would have thought the pro-choice people would have been in favor of this. charles: we saw the horrors in philadelphia and the stories i read about the facilities and the filth. if women are going to have abortions, i think the idea would be not to have them in something equal in a back alley. >> that was the impetus. particularly in texas when the gosnell incident occurred. there were babies and a woman
that died, we were trying to protect texas women from the same results. charles: how do you feel about the three major decisions and what do you think of the direction the supreme court was going. it felt today that the liberals won out. >> it seemed like that over the entire term. with this election coming up it will have an impact on the interpretation of the constitution and state's rights which is important to me as attorney general for the state of texas. charles: state delight because i want to bring in our panel. eric, you seemed perplexed as we were talking. >> you all were saying ridiculous things. saying let's keep this from the back alley. this is about providining a service for people. this law shut down 75% of the abortion clinics in the state. you are talking about a present sear dyers just as complicated
as a dental procedure. so putting that provision on doctors in order to do abortions was designed to stop abortions. charles: having a relationship with a nearby hospital you think is nefarious? >> i did not frown about that. i was stating this was designed to shut down clinics. you have many outpatient procedures that are done, whether it's you going in for a knee issue for oral surgery. they don't have a relationship with the hospital and the same thing with these abortion hospitals. and the texas legislatu knew that. this was designed to shut down women's right. charles: a big day for the supreme court. >> we have seen these cases impacted by the split 4-4 court. today was not one of those days. you were talking about the pennsylvania case. in the majority opinion one of
the justices wrote that it extra layer of regulation would not have prehaven'ted that case. they specifically looked at it and said this did not present something similar from happening. undue burden part. it doesn't change the fact that a woman as a constitutional right to have an abortion. charles: thanks a lot. coming up, the word of the year. did you ever hear when the oxford dictionary couples with the word of the year? not only do they reflect society, they are amazing at predicting if the future. i'll tell you about the clues when we come back.
charles: much was made in media last year, the face the tear of joy emoji. i think that smile has been turned upside down. as we drown in south pity. word of the year is telling, at reflecting moods and projecting direction of society. they have a uk and american version every year, more often it is the same word, but last few years word has been a warning, this one squeeze-middle. like squeeze middle class.
then omnishare, that means that everyone associated with government is a disaster. think about this back when middle income family household represented 62% of our income, that was in 1970, it is down to 43% right now. at-this-point we better hope oxnard dictionary words of the year for 2017 is glorious rebound. i am going to ask ford o'connell his take on this. we saw this coming issue right? >> we did, you pointed out the brits use this emoji 25% of the time two years ago now down to 20%, we are seeing this all over the world, middle class wages in america is going down, you have global instability, people are
unhappy. i will say this about america we're getting happier even if is is more sullen. charles: back with us, eric and adriana. i found it amazing, you have squeeze middle, you have omnishare. that means that the government is a disaster, they can never getting any right, we felt this way, none happens over night, does it? adriannea? >> yes. no you are right. they can -- these words they add to the dictionary are reflective, i had to look up, added word lumber sexual. i had to look that up, have you heard that. charles: we're talking about these, not the fun ones, we're
talking about how far it goes it has been brewing for a long time, you wonder why politicians have not seen it, or why they have ignored it. is this part and parcel of their arrogance, i don't know, what do you make? >> i want to talk about word emoji real quick, the last emoji, that is what i am doing with trump poll numbers. i am so happy his poll numbers are going down. what is going to be my tears of joy. charles: the american public, getting away from the election, would you agree that american public is in a place where confidence is fading, people are frustrated and most adults don't think their children will do better than they. >> confidence is fading, recent research study -- stated if donald trump -- >> no, no, long before donald
trump even announced he was running, i am talking about an economy that confidence has been fading, it has been fading since 2000, it has gotten worse. don't agree with , charles. >> the american dreams, does not exist any more. >> g.o.p. frontrunner, he is one of most dangerous people in world. charles: without making -- >> just answer the simple question. question. >> without making this a partisan attack, bottom line is that true that american public has been adrift for a long time. and air has been seeping out of our enthusiasm balloon for a long time, that is what this election is about, and both sides realize that. >> that is right, that is the point about populous angst. the question is, going forward do you want to go with status quo or do you think we need a market change that is central
question of 2016 election. charles: big government, big institutions, big entities, in rally -- general have lost our faith, people say we need something new. >> yes. we need something new, we have 20 trillion in debt with 94 million americans out of work, we need change, people are dissatisfied with the status quo, including in britain, the brexit is a bellwether this donald trump will win in november, that is a very traditional country that basically flipped bird to the establishment by exiting the uk, it was a very bold mood, people are rejecting status quo like americans will here in november. charles: it feels that the we have to leave it there, thank you very much, and thank you.
we have been doing well, we're working hard for you. if you can't watch the show, if you can, dvr it you don't want to miss a moment, right now it is lou dobbs keep it right here. lou: good evening imlou dobbs, stocks today falling sharply again, investor digesting means of the uk's historic vote to leave the eu udow industrials down more than 260 at choice. bringing our two day sell-off to nearly 900 points, $3 trillion lost. market strategist blaming today's route on the uncertainty about impact of brexit vote. >> all comparisons that lehman we don't see this same financial crisis this is a crisis of leadership of conf